Financial authorities are on high alert over a sharp weakening in the Korean currency relative to the U.S. dollar, officials said Wednesday. Bank of Korea (BOK) Gov. Rhee Chang-yong postponed his departure for meetings involving the International Monetary Fund (IMF) and Bank for International Settlements (BIS), turning back at the airport so he could preside over a high-ranking BOK meeting. Minister of Finance and Economy Koo Yun-cheol also said the ministry is closely monitoring movements in the foreign exchange (FX) market. The reactions followed the Korean currency depreciating past the psychologically significant 1,500 won per dollar overnight, the first time since March 2009 during the global financial crisis. The weakening was prompted by fears that the U.S.-Israel military operation against Iran could escalate. According to market data, the won weakened briefly to nearly 1,506 won per dollar at 12:22 a.m. early Wednesday. Hours later at 9 a.m., the currency opened at 1,479 won per dollar, down 12.9 won from the previous session. It then hit an intraday low of 1,484 won per dollar. Th